Real estate transactions

HOUSTON CHRONICLE |
May 17, 2013
| Updated: May 17, 2013 11:28pm

Toll Brothers has opened its first model home in the Vista Shores section of Towne Lake.

Sales

Apartments

Affiliates of Harbor Group Internationalhave sold the 696-unit Fairfield Creek Apartments at 12510 S. Green Drive to an affiliate of RB Associates for $34.4 million. The property was acquired by Harbor Group in July of 2010 for $27 million from a lender that had foreclosed on the property. HGI invested $1.5 million in property improvements following the acquisition. Fairfield Creek was built in 1984 and consists of one-, two- and three- bedroom units averaging 781 square feet per unit.

14021 Interdrive East LLC has purchased a 12,500-square-foot building at 14021 Interdrive East. Robert McGee of The National Realty Group represented the buyer. Mike Spears of The National Realty Group represented the seller, Zorilla Euginio.

Robert Half International, a professional staffing and consulting services company, renewed its 7,640-square-foot lease at 10001 Woodloch Forest Drive in The Woodlands. Sue Rogers of Cresa Houston represented the tenant.

Selleck Chemical has leased 7,105 square feet in WA Development's Corporate Centre Kirby, 9310 Kirby Drive, for its North American headquarters and distribution hub. Selleck, a supplier of biochemical products and Pfizer licensee, will be located in Phase IV of the project, which is scheduled for completion in mid-June. David R. David of WA Development represented the landlord.

Advanced Piping Products, a provider of pipe supports with products in use at energy and chemical facilities worldwide, relocated to a 10,720-square-foot facility at 5611 Guhn Road. Chase Spence of Cresa Houston represented the tenant. Jason Dillec and John Kruse with Holt Lunsford represented the landlord.

PinPoint Commercial and Thrive Senior Living are developing Legacy at Falcon Point, an 82-unit assisted living and memory care facility on a seven-acre site at 1520 Katy Gap Road in Katy. Cadence McShane Construction Co. has been selected to provide the comprehensive construction services, and Three Square Design Group is providing architectural services. The two-story, 64,281-square-foot development will contain 22 units designed for memory care and 60 assisted living units.

Aron Will and Margaret Pearce of CBRE's Senior Housing Debt & Equity Finance team have arranged construction financing on behalf of a joint venture between Bridgewood Property Co. and Harrison Street Real Estate Capitalfor the construction of Village of The Heights, a 103-unit assisted living/memory care community in the Heights area. The $15 million floating rate mortgage includes a five-year term, 42 months of interest only and an "all in" interest rate today of approximately 2.7 percent. The community will be operated by Retirement Center Management, an affiliate of Houston-based Bridgewood Property Co.

Industrial

Cooper Valves has moved into an expanded 60,000-square-foot facility with a 12,000 square feet of corporate headquarters as well as a 48,000-square-foot manufacturing shop and warehouse at 4659 Wright Road in Stafford.

Residential

Towne Lake, a community of Caldwell Cos. in the Cypress-Fairbanks area of northwest Houston, announced that Toll Brothers has opened its first model home in the community at 10319 Coronado Ridge Court. Toll Brothers builds homes starting in the upper $400,000s in Vista Shores, a section of Towne Lake featuring large home sites, more than half of which are on the water.

Apartments

McCann Realty Partnershas started construction on the 323-unit Retreat at Vintage Park Apartments in the Vintage development near Texas 249 on Louetta Road adjacent to the Vintage Park Lifestyle Center which consists of approximately 420,000 square feet of retail and commercial space. The project will include three-story stone and stucco exteriors with attached and detached garages. Amenities will include a large clubhouse with a state-of-the-art fitness center, resort-style swimming pool and an activity center with video games and media, a cyber cafe and a gourmet kitchen. The project is scheduled to begin leasing in the first quarter of 2014 and will be managed by Pegasus Residential. The construction loan was funded by Wells Fargo Bank. McCann will act as its own general contractor on the project.